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USDJPY Prints Fresh High Above 141.50

JPY
  • Despite the Putin headlines crossing the wires in recent trade, higher US yields continuing to pressure the Japanese yen with USDJPY rising to a fresh weekly high above 141.50.
  • Price action extends the intra-day rally to 0.80% as of writing, initially fuelled by the overnight unchanged decision from the Bank of Japan. As a reminder, the board on Friday decided unanimously to keep yield curve control policy and pledged to continue patiently with monetary easing amid high economic and financial market uncertainty. The BOJ also kept the forward guidance for the policy rates and pledged to take additional easing measures if necessary.
  • The USDJPY trend condition remains bullish and attention remains on key resistance at the top of a bull channel drawn from the Jan 16 low, which has now been pierced at 141.45. A clear break of this hurdle would be bullish and open 142.25 the high on Nov 21, 2022.
  • Additionally, EURJPY has traded sharply higher as this week’s bull run extended and printed as high as 154.92. Price has recently cleared key resistance at 151.61, the May 2 high and an important bull trigger for the pair, confirming a resumption of the longer-term uptrend.
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